Uruguay will launch its own crypto-currency

The central Bank of uruguay (BCU) has formally announced the launch of the version digitized its national currency, the uruguayan peso. The bank took care to remember that it will not be a crypto-currency like Bitcoin, but ” a currency that will remain under the jurisdiction of the BCU.

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Uruguay takes on the world of speed

The south american nation will quickly implement what other nations, such as Russia, are planning to do. In a press release, the NBU has announced ” a pilot plan for six months for the issuance and use of a digital version of the péso uruguayan. “This document is a test plan in order to assess whether or not the crypto-currency is actually a business opportunity. To participate in this evaluation period, the Uruguayans interested should download the smartphone app on the site epeso.com.uy, access the digital wallet, register and make the first payment at Red Pagos to finalize the creation of the portfolio. It is also possible to register from a computer.

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A crypto-currency under the control of the State

“This is not a new currency per se. This is the same uruguayan peso, which, instead of having a physical media, a digital media, ” said Mario Bergara, president of the central Bank of uruguay. He added this decision has been motivated by the imperatives of economic order. In effect, he says : “It is expensive to print the tickets. It also requires a lot of resources for the distribution of tickets through all the territory and security of the transport. “Mr. Bergara said that, if the bank decides to continue with this digital currency and once the test period is completed, the physical silver will not be immediately null and void, stating that” for the comfort of all the citizens, the transition will take a lot of time. “

It is important to remember that the country still suffers from an economic downturn. In fact, there is not so long ago, Uruguay has experienced shortages of liquidity and a runaway inflation.

Source : News.Bitcoin